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Corus Entertainment Completes Sale Of Klutz To Scholastic Inc.

Canadian-based media and entertainment company Corus Entertainment Inc. announced that it has successfully completed the sale of Klutz to Scholastic Inc. Klutz was sold for approximately US$43 million in cash plus a three-year earn-out based on revenue. The proceeds of the sale will be used to repay debt. Corus acquired Klutz, a publisher of children's books and related products based in Palo Alto, California, through its acquisition of Nelvana Limited in November 2000. âº